After spending much of the spring and summer hyping the dire consequences of rising gas prices, CBS on Thursday night decided the plummeting cost of gas at the pump is really bad news. Noting that “crude settled at about $58 a barrel today, that's about $90 less than it was in July,” fill-in CBS Evening News anchor Harry Smith warned “that comes as a mixed blessing.”
Reporter Mark Strassmann found an ecstatic man paying less than $2.00 a gallon, but Strassmann spoiled the mood: “Low gas prices are also bad news and the lower prices go, the worse the news gets.” An “oil analyst” explained: “This is just a reflection of the poor state of the economy and the oil market is reflecting this global slow down.” Strassmann soon fretted over how “it's also a grim time for alternative energy champions” and “sinking oil prices could” hurt “plans to develop alternative sources of energy or fund green developments.”
In July, CBS's Early Show aired a piece on how high gas prices were killing people (Kyle Drennen's “CBS's Early Show: High Gas Prices Deadly for Sick and Elderly”) quoted this from reporter Kelly Wallace: :
In one rural California case, according to the president of Meals on Wheels nationwide, cutting back from daily deliveries to one every 14 days proved fatal. Two seniors were found dead.
Two months earlier, Drennen's “CBS's Glor: Woman 'Pumps Out Own Blood' to Afford to 'Pump Gas'” recounted:
Correspondent Jeff Glor reported on how “desperate times call for desperate measures. Some people are doing anything they can to save on gas, while others are trying to avoid buying gas altogether.” As one example, Glor highlighted a woman from San Antonio, Texas named Jessica Busby: “Then there's Jessica Busby, using her bike to get to a blood donation center two times a week. She pumps out her own blood, making $40 a pop so she has enough money to pump gas.”
Always finding the negative side to good news is nothing new at CBS News. From a September of 1990 MRC report on then-CBS News economics correspondent Ray Brady:
On October 12, 1989, home prices were down. That's great news for the buyers, but not for the sellers, so Brady focused on the sellers: “In the past, the American dream of owning your own home always had a sequel -- live in it, then sell it as a huge profit ...So another dream has faded.” On March 16, 1990, home prices were rising, so the conclusion switched to the buyers: “So they keep looking. Thousands of young couples like the Wares, looking for that first house, looking for what used to be called the American Dream.”
The story on the Thursday, November 13 CBS Evening News:
HARRY SMITH: Not all of the economic news is bad, take oil prices, crude settled at about $58 a barrel today, that's about $90 less than it was in July. But even that comes as a mixed blessing. Here's Mark Strassmann.MARK STRASSMANN: In places like Atlanta, gas costs under $2.00 a gallon again, less than half its price in July.
MAN AT GAS STATION: I'm happy about it, I'm ecstatic about it, I just hope they keep going down.STRASSMANN: But low gas prices are also bad news and the lower prices go, the worse the news gets.
ANDY LIPOW, OIL ANALYST: This is just a reflection of the poor state of the economy and the oil market is reflecting this global slow down.
STRASSMANN: In other words, OPEC charges what it can get, not much in this bad economy. With unemployment at 14-year high and consumer confidence at a record low. Even with today's gas prices, road travel's still down 5% from a year ago. Gas may be cheap, but many people aren't driving to stores. Consumers say they plan to spend 40% less on holiday gifts this year than last year. And some analysts say it could be the worst holiday season for retailers since 1991.
T. BOONE PICKENS: Every President since Richard Nixon has been promising us energy independence.
STRASSMANN: It's also a grim time for alternative energy champions. Billionaire T. Boone Pickens suspended his massive wind power project in Texas, plunging natural gas prices dried up credit. Sinking oil prices could have the same impact on plans to develop alternative sources of energy or fund green developments.
JOHN RUTHERFORD SEYDEL, ENVIRONMENTAL DEVELOPER: It does have an effect, we're going to sort of separate the leaders from the stragglers.
STRASSMANN: One effect is already clear, more smiles at the pumps, and for some people that's good enough. Mark Strassmann, CBS News, Atlanta.
—Brent Baker is Vice President for Research and Publications at the Media Research Center
Editor at Large
Comments Policy
Media idiots
November 14, 2008 - 13:07 ET by MaximusBraveheartWhy are they not bowing to Bush in praise for lowering the gas prices just like we all asked? Harping on gas prices EVERY day for months leading up to the election. $200 oil etc. never ending. Ohh it is the DEMAND.... NOT. The lower prices prove it was purely speculation that has now collapsed just like the stock and real estate mkt.
They would praise Obama if he pulled off such a miracle. Before over $4 THIS YEAR and now under $2! Obama would get full credit. Bush gets none.
M-B
I remember when GW lifted
November 14, 2008 - 13:22 ET by semolina_filcherI remember when GW lifted the presidential ban on off-shore drilling sometime in mid-July and the oil prices started plummeting. This was reported as an afterthought on most stations, even Fox gave it a mild treatment. But no sooner had Bush done what he did, the GOPers in Congress started pressuring Pe-lousy before their summer break, to open the continental American shores for oil drilling.
Guess what? Oil prices came crashing down and Bush never got the credit he deserved....
That's true about drilling!
November 14, 2008 - 13:39 ET by MaximusBraveheartIdiot liberal media don't take the mkt. ways into account. As soon as the THREAT of future supply comes about by Bush approving off shore drilling, the prices are forced to compensate and drop. This initial fall is what triggered the speculation BUBBLE to pop. Once popped no one wants back in so the price tumbles just like we have seen. So YOUR are RIGHT, Bush does deserve credit for lowering the oil prices. HE did pull off the miracle of half price gas. Once again NO credit whatsoever have I heard on this for Bush. Total PROPAGANDA the media. NOW they are saying it is purely from the DEMAND DROP (demand once again, what dummies) from the economy that they helped talk down. Yes demand is down some % but not THAT much!
M-B
MaxB... Exactly...plus he
November 14, 2008 - 15:20 ET by bigtimerMaxB...
Exactly...plus he did all he could to get ANWR passed, unfortunately we had RINOs like McC who went against it in '05, missed this all by ONE vote...after over 30 years of trying...
after Bush announced the off-shore drilling ban lifted, prices going down, then you also had those wonderful conservative members in the House who stayed in congress for the whole 5 week break Pelosi too...msm giving very little attention...
we all know what is going to happen once O takes over and the dems do too regarding the oil prices...let alone who knows what is going to happen world-wide regarding oil with that happens in our war and terror and the troops ect, ect...
"America isn't the problem...America is the solution." ~ Rush Limbaugh
Low oil prices
November 15, 2008 - 09:46 ET by auldsailor362Wont last very long. O has already said he will use EA's to make "quick changes" to Bush initiatives he doesn't like. Bush used an EA to lock up offshore drilling, then rescinded it and that made a real impact, Pelosi and Reid not with-standing. But O wants wind and sun...so he will reinstate the ban ASAP and we will again see 5.00 a gallon (or greater) gas.
Not just that, if we
November 14, 2008 - 15:45 ET by midnight cowboyNot just that, if we remember what the messiah said, "that even if we lifted the ban today it would be 10 years before we see lower prices at the pump"
Guess what Barry it took all of 10 days before we saw lower prices at the pump once Bush rescinded the ban.
While I'm sure low gas
November 14, 2008 - 13:12 ET by TD in FLWhile I'm sure low gas prices are no consolation for those who have lost jobs in this tough economy, you would be hard-pressed to find anyone who would be upset over this. Good call on the about-face though done by the media. Are they never satisfied? Is there no happy-medium? For those who still have jobs that are, as relatively secure as they can be, I guarantee you they are enjoying the low gas prices. This can open up anywhere from $50 - $200 savings per month for many families.
I enjoyed this idiot's last comment though,
"STRASSMAN: One effect is already clear, more smiles at the pumps, and for some people that's good enough. Mark Strassmann, CBS News, Atlanta."
Some people? How about, 100% of normal people moron. Normal being defined as those not super rich, not heavily invested in alternative energy companies, and those who are not liberal media hacks.
TD that was GREAT and true! LOL
November 14, 2008 - 13:42 ET by MaximusBraveheartQuote "Some people? How about, 100% of normal people moron. Normal being defined as those not super rich, not heavily invested in alternative energy companies, and those who are not liberal media hacks. "
TD that was GREAT and true! LOL Goracle's net worth just dropped some but he can heat his massive house cheaper now!
M-B
this CBS article is a
November 14, 2008 - 13:18 ET by katainkentthis CBS article is a circular flowchart of nonsense.
member of the Conservative Independant Witness Protection Program since Nov. 5, 2008
It's tough for Ethanol
November 14, 2008 - 13:21 ET by 10ksnookerWhen costs plus subsidy put you in the $3+ range, you know your fake industry is doomed. Ethanol is going bust worldwide. Barzil is switching to their new found offshore oil. Governments with their top down command and control economy are doomed for failure from the start.
In days gone by, maybe a 100 years ago, ethanol and peanut oil were abandoned as fuel for oil, because both were too costly.
Today you can make gasoline and diesel from natural gas and coal at much less than the current $60 a barrel for oil.
And --- The energy department just announced drillers have discovered a whole lot of natural gas up in Gov Palin's North Slope -- enough to supply energy needs for 100m homes for 10 years.
Additionally, Pickens just shelved his windmills, as not cost effective due to falling prices, that I might add he said that oil would never fall below $100 a barrel ever again -- well so much for that bit of wisdom.
sigh, soon we will learn the CO2 global warming scare like the ice age is coming of the 1970s, is a hoax ...
President Bushes exective order to DRILL, started the price drop
November 14, 2008 - 13:23 ET by upcountrywaterHay windmill guys... oil is free, just like dirt.
Now then it costs some to drill for it , filter it and deliver it to your car.
Then there are the fees fines taxes ..
Alternative energy will ALWAYS use oil, and will never be cheaper than oil.
0bama will ban oil drilling soon, ain't that great.
So the worlds thugs will be making the big bucks again.
First Mutt's Viet Nam 2
IranianUranium
"Alternative" energy.
November 14, 2008 - 13:39 ET by R D HelmAlternative energy is essentially a pipe-dream for the anti-free enterprise left. It is sad that our government education system has so dumbed down the bulk of our population that many think that all the government has to do is throw a switch and presto, petroleum-based energy products will become obsolete overnight.
That just isn't going to happen. If a viable alternative energy source is ever found, it will come from the the private sector, not the government. Even if a workable alternative is developed, it will take several decades to bring its availability up to the level of convenience we are accustomed to.
Oil will be the basis for much of our energy needs for the foreseeable future. The ethanol debacle currently playing itself out should give pause to anyone who thinks the government has any real solutions in this area.
-Dave
Did this country just elect Obama/Biden, or was it Soros/Ayers?
Dave definitely NOT PC !! a power unit, that will work GREAT
November 14, 2008 - 13:49 ET by upcountrywatertoshiba nuclear unit, I WANT ONE!
First Mutt's Viet Nam 2
IranianUranium
(...puts on Nostradamus
November 14, 2008 - 13:42 ET by MrDavison(...puts on Nostradamus hat)
I predict:
In about 9 months (assuming gas prices are still reasonable), there will be a large news story in all papers and magazines praising the great O for the drop. There will be statements like
"Just 1 short year ago, the price per barrel approached $150. Now it is $60. Clearly the new administration has brought change to the table. Bravo to the O."
Conveniently omitted of course (similar to the internet bubble collapse) will be that the drop occurred before O became the president. The public's reliably poor long term memory will be leveraged again for the agenda.
CBS News
November 14, 2008 - 13:55 ET by JDWIn 2005 Sandra Hughes wrote an article commending 'Jason the college student' for selling his gas hog BMW and replacing it with one of those two seater 60MPG lawnmowers. She was so proud of him saving $300 per month in gas.
Somewhere in the same time period states began realizing huge losses in tax revenue. Gas taxes fund road repairs (and who knows whatever else) yet now the funds were drying up.
Liberal government is forcing the Big 3 to produce mileage standards above 35MPG. How will this affect the taxes?
JDW
DAILY WAVE
Hence the liberals call for
November 14, 2008 - 14:05 ET by dscottHence the liberals call for HIGHER gasoline taxes and other fees such as registration and licensing. So how will they deal with electric cars? No gasoline to tax...
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
Unitended Consequences
November 14, 2008 - 14:30 ET by JDWOregon is experimenting with a device that measures gas used. No doubt they will develop a way to do the same with anything else.
The problems with electric are too numerous to consider.
JDW
DAILY WAVE
Seems to me that the only
November 14, 2008 - 15:20 ET by dscottSeems to me that the only really fair way of determining the what portion of an individual's contribution to wear and tear on the roads is to take an annual odometer reading and multiply by the number of tires. Using tires, accounts for motorcycles and vehicles for more than 4 four wheels like dual and tandem sets or trailers. Many states have an emissions system now that requires the car to be inspected every one or two years. How hard would it be to just have a drive through lane with one person writing down the tag and odometer reading for each car and do a quicky safety (windshield wiper, headlight and tail light) check on the anniversary date of the registration renewal? Either send the bill or run the credit card to pay the annual registration and road use bill. This eliminates any concern of GPS tracking under the guise of recording the mileage.
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
Tracking
November 14, 2008 - 18:15 ET by JDWGPS is already here and the government is lazy.
A bailout for the Big 3 does nothing more than eliminate risk, how is the future game plan improved?
Toyota... employment costs will never be equaled, their products remain the envy of American producers, and they do not face the handcuffs of big lib government.
I do not give a rat's ass what fuel prices are, I prefer to drive the vehicle of my choice, screw the $300 a year savings. And my family is safe.
JDW
DAILY WAVE
A liberal just admitted
November 14, 2008 - 14:01 ET by dscottA liberal just admitted that alternative energy is more expensive than conventional energy? STOP THE PRESSES!
It never ceases to amaze me that loons can engage in doublethink by saying on one hand energy prices are too low and on the other hand we need government hands outs for the poor. Hey dufus, does it not occur to you high energy prices tanked the economy in the first place, stop screwing over the poor by shilling for alternative energy!
Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.
The Great "O"
November 14, 2008 - 15:27 ET by NorthCoasterThe Great "O" stated last summer that he was pleased that the price of oil had risen but it had risen too quickly. It's kind of like boiling a frog or creeping socialism. When it happens in small increments you hardly notice, but all at once is startling.
never fear Opec is going to
November 14, 2008 - 15:38 ET by katainkentnever fear Opec is going to try and stop the bleeding again. Not that it will help. Demand is down. Eco-friendly fuels will be a hard sell now. The difficult part now is how to incorporate this news into the sales package for the MSM's Depression 2.0 so that social programs can be pushed to the fore.
Social programs... or eco-friendly lobby interests... such HARD choices!
member of the Conservative Independant Witness Protection Program since Nov. 5, 2008
Gas Pains
November 14, 2008 - 15:47 ET by ZuccoZoidThis won't sit well in the Obama/Clinton admin: all they can do for now is continue to blame Bush as they follow the downturn - the MSM already has a conundrum - who actually wants HIGHER gas pump prices?
Combine that with Obama's promise to kill oil, coal, natural gas - the honeymoon may be shorter than we think.
Or is it all about "fairness" and being "citizens of the world" - ?
Further: how do you transition to "alternative" energy without using traditional means to create it?
Here it comes...
November 14, 2008 - 18:55 ET by docjohn52He's not even in office yet, and every left wing wacko is demanding his own agenda. And he owes a lot of favors.
Pelosi is heavily invested in Slim's wind farms. Now if we could just get those pesky car sails to work...
He's already said he would tax coal to death, and he intends on doing the same thing with gas, and anything else his lefty pals want.
What a brave new world!
The New Administration's
November 15, 2008 - 17:00 ET by ahusserAlternative Energy Plan
"...no civilization, no matter how rich, no matter how refined, can long survive once it loses the power to meet force with equal or superior force." - Bernard Knox
"Issues" like "Global
November 14, 2008 - 19:22 ET by fitzfong"Issues" like "Global Warming" are merely luxurious complaints in good economic times. Unfortunately, they become parasitic job killers that cause bad economic times. The fact that these scumbags feel comfortable bringing up such a frivolous issue during these frightening times show just how out of touch apologists for "environmentalists" really are.
"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." -Ronald Reagan
fitzfong.blogspot.com
Let's get real on alternative energy
November 15, 2008 - 04:46 ET by nkviking75Alternative energy is fine if you can produce it in a way that is economically viable. So far, you can't. A major producer of ethanol, Verasun Energy of Brookings, SD, recently filed for bankruptcy. One main reason is the high cost of corn. Corn spiked at around $8 per bushel because of the demand created by ethanol. Gore and Obama sound absolutely foolish when they claim we can get completely off oil and coal in ten years. We'd be better off investing in more drilling and refining of oil, cleaner ways to use coal, and building nuclear power plants.
Welcome to the era of unity, you racist!
I wish the #%^%$# MSM would
November 15, 2008 - 11:21 ET by R D HelmI wish the #%^%$# MSM would make up their *&%%$&? minds.
-Dave
Did this country just elect Obama/Biden, or was it Soros/Ayers?
Dave
November 15, 2008 - 11:26 ET byyeah, cuz then we'd know what to think, i hate being undecided.
“The way to stop discrimination on the basis of race is to stop discriminating on the basis of race.” -Chief Justice John Roberts